Economic Decision Making in World Communities:
Factors of Production
Interdependence
Guiding Questions
What are natural resources?
What goods and services should be produced and in what quantities? How shall they be produced? For whom shall they be produced?
Theme/Content Skills
Production, distribution, exchange, and consumption of goods and services are economic decisions which all world communities must make.
Economic decisions in world communities are influenced by many factors.
Key Terms
trade, imports, exports, supply & demand, interdependence, factors of production
Holidays
St. Patrick's Day
Student Outcomes
Students will discuss how human needs and wants differ from place to place.
Students will explain how people in world communities make choices due to unlimited wants and needs and limited resources.
Students will describe/relate how people in world communities must depend on others to meet their wants and needs.
Students will explain how resources are important to economic growth in world communities.
Students will explain how resources are important to economic growth in world communities and how people in world communities, locate, develop and make use of natural resources.
Assessment/Project
-After reviewing the terms trade, imports and exports, have students look at the label inside their shirt to see where it was made. Have students share this information with the class. Students can complete a graphic organizer or graph their findings. Students can connect strings on a map from NYC to where their shirt was made.
-Complete the following chart as a class:
Countries Selling in the United States
Products the United States Sells
--Why are many items sold in the US made in other countries? --What kinds of goods does the US make and sell to the countries listed in column 1? --Which type of goods cost the least? Which type of goods cost the most?
-Find a recipe for chocolate chip cookies. Give students a list of ingredients and have them create a symbol for each one. Next, help students research where each ingredient comes from. Then give students a political map of the world and have them place ingredient symbols on the appropriate countries. Prompt students with the following questions: -Do all of the ingredients come from the United States? -Which ingredients only come from abroad? Do decision makers have a choice as to where they will buy chocolate chip ingredients? Finally, have the students make the chocolate chip cookies.
-Have students create an International Ad about a product or service available.
Resources for Students
Saturday Sancocho by Leyla Torres
How was Maria able to acquire all the ingredients necessary for Chicken Sancocho?
Compare/Contrast any of the following: Maria's culture, money/trade/barter, family home, food, clothing, language etc
Grade: 3rd
Month: March
Main Concept
Economic Decision Making in World Communities:Factors of Production
Interdependence
Guiding Questions
Theme/Content Skills
Key Terms
trade, imports, exports, supply & demand, interdependence, factors of productionHolidays
St. Patrick's DayStudent Outcomes
Assessment/Project
-After reviewing the terms trade, imports and exports, have students look at the label inside their shirt to see where it was made. Have students share this information with the class. Students can complete a graphic organizer or graph their findings. Students can connect strings on a map from NYC to where their shirt was made.-Complete the following chart as a class:
--Why are many items sold in the US made in other countries?
--What kinds of goods does the US make and sell to the countries listed in column 1?
--Which type of goods cost the least? Which type of goods cost the most?
-Find a recipe for chocolate chip cookies. Give students a list of ingredients and have them create a symbol for each one. Next, help students research where each ingredient comes from. Then give students a political map of the world and have them place ingredient symbols on the appropriate countries.
Prompt students with the following questions:
-Do all of the ingredients come from the United States?
-Which ingredients only come from abroad? Do decision makers have a choice as to where they will buy chocolate chip ingredients?
Finally, have the students make the chocolate chip cookies.
-Have students create an International Ad about a product or service available.
Resources for Students
Saturday Sancocho by Leyla TorresResources for Teachers
www.fte.orgwww.ncee.net
Field Trip Suggestions
Supermarket (one with international selections)Travel Agency (pick up brochures)
United Nations